Categories: OLD Media Moves

Bloomberg employees miffed at lower pay

Keith Kelly of the New York Post writes that Bloomberg LP employees are upset with lower bonuses for 2011 despite a strong year for the data and media company.

Kelly writes, “Bloomberg set a town hall-style meeting for this week, where employees expect the issue of lower compensation to come up, sources said.

“Bloomberg said it had a total of 310,000 terminals installed worldwide, but “net terminal” additions of 13,672 in 2011 fell short of its goal of 15,000.

“Non-terminal revenue growth, which includes Bloomberg’s TV and radio operations as well as magazines Bloomberg Businessweek and Bloomberg Markets, also fell short of forecasts. Revenue grew by $216 million last year, below the $335 million targeted.

“The missed projections translate into lower bonus money for all the employees at the company, including the 2,300 journalists.”

Read more here.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.